Par Pacific (NYSE:PARR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Par Pacific (NYSE:PARR) had its target price upped by equities researchers at JPMorgan Chase & Co. from $48.00 to $77.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 29.70% from the company’s previous close.

PARR has been the subject of several other reports. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 14th. Raymond James Financial lifted their target price on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. The Goldman Sachs Group lifted their target price on Par Pacific from $44.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a research report on Friday, March 27th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $63.57.

Par Pacific Stock Down 2.2%

Shares of NYSE:PARR opened at $59.37 on Wednesday. The business has a 50-day moving average price of $50.38 and a 200 day moving average price of $42.83. The company has a current ratio of 1.61, a quick ratio of 0.49 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 8.14 and a beta of 0.97. Par Pacific has a 12-month low of $12.17 and a 12-month high of $67.39.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.04). The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.79) earnings per share. Sell-side analysts expect that Par Pacific will post 0.15 EPS for the current year.

Insider Activity

In other news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the completion of the transaction, the chief executive officer owned 457,167 shares in the company, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Several hedge funds and other institutional investors have recently made changes to their positions in PARR. Federated Hermes Inc. purchased a new position in shares of Par Pacific in the 3rd quarter valued at about $44,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Par Pacific in the 3rd quarter valued at about $48,000. Smartleaf Asset Management LLC boosted its stake in shares of Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock valued at $62,000 after buying an additional 1,048 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Par Pacific by 16.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock valued at $66,000 after buying an additional 259 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after buying an additional 1,558 shares during the period. Hedge funds and other institutional investors own 92.15% of the company’s stock.

Par Pacific Company Profile

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.